CHICAGO – A new measure to streamline property tax relief for seniors, veterans, and persons with disabilities championed by State Senator Robert Martwick became law.
“This spring legislative session, the General Assembly delivered on comprehensive property tax relief and reform,” said Martwick (D-Chicago). “I am proud to have played a lead role in passing this measure, which during this time of so much uncertainty, it will ensure that all taxpayers, especially seniors and veterans, are getting the relief they deserve.”
The new law, formerly known as Senate Bill 1975, increases the General Homestead Exemption and Senior Citizens Homestead Exemption, reduces interest rates on tax deferrals for seniors, and allows for automatic renewal of the homestead exemption for qualified people with disabilities in Cook County.
Additionally, the measure increases exemptions for those receiving the Veterans with Disabilities Exemption. This increase also provides for the surviving spouse of a deceased veteran to continue to receive the exemption earned and applied for by the veteran.
“Taxpayers need to know that government is working for them,” said Martwick. “This new law provides real property tax relief to our friends and neighbors who need it the most.”
Senate Bill 1975 was signed into law on Friday and takes effect immediately.
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